A Few Legislative Updates

By Amy Pitter posted 18 days ago

  
As one tax season ends, another begins. After what seemed like a never-ending 2020 tax season, this year’s busy season officially opens today as the IRS starts to accept and process 2020 individual tax returns. I hope this year goes as smooth as possible and with fewer curveballs than last year. Please know we are here to help should you have any questions or concerns.  

There have been a few rumblings about, and requests for, an extension to this year’s April 15 filing deadline. The IRS has maintained that it does not plan to extend, although with the looming possibility of additional federal relief that may change. The feedback from our members remains split, and we will certainly keep you updated through all our publications, including here and in our weekly legislative brief.  

We have been contacted by several of you with concerns about the inclusion of forgiven Paycheck Protection Program (PPP) loans in gross income for pass-through entities that will directly affect many of our small businesses, restaurants, professional services firms and others. We have been working diligently behind the scenes and in the media advocating for the Massachusetts Legislature to pass legislation that would disallow that income from being taxed.  

Legislators across the political spectrum in both the House and Senate have co-sponsored the legislation, with more joining in every day. We have made good progress, but we need your help to get this over the goal line.  

We have drafted this email for you to send to your state representative and senator urging them to act on this legislation as soon as possible. You can find your legislators and their contact information here. After you contact your representative and senator, please email Zach Donah at zdonah@mscpaonline.org and Larry Liuzzo at lliuzzo@mscpaonline.org to let them know who you contacted so they can follow up with your legislators on your behalf.  

In sad news, Thomas Feeley Sr., CPA, passed away on February 5. He started Feeley & Driscoll, P.C., in 1974 and led the firm until he retired in 2016. Most recently, he was an executive consultant for BDO USA, LLP. A longtime member and friend of the Society, Tom was chairman of the MSCPA Board of Directors from 1985 to 1986 and was on the Board of Directors for the AICPA from 1990 to 1994.  

I spoke with his colleague, Michael Poirer, CPA, CGMA, who said, “Tom was one-of-a-kind. In addition to knowing the accounting industry inside and out, he was a true leader and mentor to all, and he simply loved to see people succeed. I will miss our conversations and Tom’s advice and friendship.”  

Our thoughts are with the Feeley family and Tom’s friends and colleagues.
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